Legacy
Succession Planning
The process of identifying and preparing individuals to take over ownership roles in a business or estate.
In More Detail
In estate planning, it ensures a smooth transition of asset management and preserves business continuity.
Related Terms
Nomination
A process where an asset holder authorizes a nominee to receive the asset in the event of the holder's death.
Trust
A fiduciary arrangement that allows a third party (trustee) to hold and manage assets on behalf of beneficiaries.
Will
A legal document that sets forth your wishes regarding the distribution of your property after death.
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